The founder of MBI Group has been deported from Thailand by Chinese authorities on charges of operating a pyramid scheme that affected millions and caused billions in damages.
Deportation of MBI Group Founder
According to Chinese media reports, on August 20, 2024, the Chinese Ministry of Public Security successfully deported Teow Wooi Tedt from Thailand. Teow is accused of operating a pyramid scheme that affected over 10 million people and caused over $13 billion in damages. After the deportation, Chinese authorities thanked the Thai police, the Chinese Embassy in Thailand, and other authorities for their help in busting the multi-billion dollar fraud.
Related Crypto Crime Cases in China
Earlier this week, a Taiwanese court sentenced eight individuals to prison on charges of spying for China. Reports indicate the accused were hired by a regional political party in China and were paid in cryptocurrencies. Additionally, a Chinese resident was kidnapped by a Malaysian group on July 11, 2024. On August 20, 2024, the Supreme Court of China and the public prosecutor revised their interpretation of anti-money laundering (AML) laws to acknowledge virtual asset transactions for the first time. According to the information, “virtual asset” transactions are now included as a recognized method of money laundering.
Crypto Market Overview
At the time of writing, the cryptocurrency market capitalization stands at $2.17 trillion, having grown by 5.59% in the past seven days. Over the past 52 weeks, the cap grew by 102.57% and 32.04% year-to-date (YTD). Bitcoin prices remain below the $62k mark; as of writing, it was trading at $60,963 with a weekly growth of 6.23%. There is speculation that BTC will surpass $500,000 in the coming years due to its growing global adoption. Ethereum, the second most prominent digital asset in terms of market capitalization, lost 23.59% of its trading price over the past 30 days, possibly due to outflows in the Ether ETF category. As of writing, it was trading at $2,657 with an intraday gain of $32.41.
Chinese authorities continue to actively combat crypto crime, positively impacting financial market stability. The measures taken to regulate the cryptocurrency market are expected to yield long-term benefits.
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